advice Buyer Backed out

[premkumar]

Buyer offered $150 for my 3 word domain in Flippa.com

1. I counter the offer with $750
2. But in message box, i mistakenly entered $500 ($750 in bid box and $500 in message)
3. The buyer offered $400 at this time i countered $550.
4. Now i realized my mistake of $500 before $550 offer and messaged the buyer its mistype but I keep my word, I will sell for $500 itself.

5. Buyer accepted the offer.
6. sometime later buyer ask time to decide(this is after, he said ok about the $500)
7. I replied ok but my offer is for 24 hours only.

After that buyer didn't reply for 1 week, i messaged him, what he decided? He said "Pass"

Some note, the domain is good 3 word meaningful health niche domain, can easily get 1500$ from right end user.

My question is:

1. What is the mistake I made( i think 24 hour deadline by me and typo counter offer in this case), many time I loose negotiation not because high price but I think I didn't make buyer to feel that they paying right amount not over paying. How to overcome buyer reluctance.

2. What should I reply to this buyer?

Instead of pointing on my mistake, provide input on overcoming my poor negotiation skill.

 

[alinask]

2. What should I reply to this buyer?

What you can do is to learn directly from the buyer. I would try to be polite and simply ask him something like this:

Hi, I understand you are not interested anymore to complete the purchase of xyz.com. I understand this, even we both agreed on the terms of the sale.

I know I might have been perceived a bit pushy during the negotiations, I just want to let you know that I did not want to offend you and I apologize for this.
Can you please let me know why you decided to not complete the purchase of xyz.com? It will help me in future communication with other clients. Thank you, I appreciate your time.

This is your last chance to learn directly from him why he backed out. This is all I would try to do at this point

 

[Nerevar]

Buyers often do that for lots of reasons. Not your mistake.

 

[Candace]

Not all buyers have an explanation for why they backed out.

Some people just change their minds and decide they just don't feel like spending that money.

I recently had a buyer, who's using XXXXXXXbrand.com as his domain. I won XXXXXXX.com in auction at GD. I contacted the buyer as soon as the domain landed in my account. Within 24hrs he agreed to pay me mid XXX for the domain (I was selling it cheap for a few reasons I wouldn't get into). Anyway, I said, 'great, how will you like to proceed, through Escrow.com or Paypal.com?'. I didn't hear from him for the next 48hrs. His next email was, "Can we do this in January?" (this was in November). His email after that was, "I'll give you $50 for the domain today".

Like seriously? Buyers back out at any time for any number of reasons. Doesn't mean you did anything wrong. You've just got to move on and try to sell it to the next guy. Don't dwell on it.

 

[Julio]

"Can we do this in January?" (this was in November). His email after that was, "I'll give you $50 for the domain today"

Was the $50 to hold the domain name for him until January or wanted to buy it for $50?

 

[Candace]

Was the $50 to hold the domain name for him until January or wanted to buy it for $50?

He suddenly decided that he wanted to buy it for $50 instead of $500.

When I contacted him a second time about his sudden change, he said he was advised that the domain was only worth $50. Don't know who was advising him or if he made that up, but if you have xxxxxxxbrand.com and someone is offering you xxxxxx.com, I'm not sure why you'd think it's only worth $50. $500 was cheap in my opinion for an upgrade. The domain is a household/kitchen brand.

 

[jideofor]

Actually, backing out depends on how you message them sometimes. If you message too often, it raises suspicions that make them feel you need them more. Take it slowly...

 

[Cdomains]

This happens a lot.

No way of knowing what they were thinking.

Probably has nothing to do with what you did.

If they really wanted it they would have bought it.

Maybe they got cold feet.

Maybe it was an impulse buy that cooled off after a week.

Maybe they went with a cheap new gtld instead.

You can never tell.

Don't count your $ till it is safely in your bank account.

Buyers back out all the time even right in the middle of escrow.

You have to learn to roll with it in this business.

 

[zurc.net]

I call them window shoppers. And usually stick to my price especially if I believe its more than reasonable. Sometimes it will make them want it more and just pay, other times you don't hear from them again or for a while. Let them come to you, never act desperate.

 

[premkumar]

so what should I reply or I should not reply at all?

 

[zurc.net]

I'd stick to your $500 price. At least I would. Especially since he originally agreed to the price. Offer him the best of luck and wait for an eventual response.

 

[JONAH LEUNG]

I think we should stick to, should not be too frequent contact with the customer, it will make them think you have a lot of profits, I prefer when first contact told him the value of this domain name, and can bring each other how business advantage, at the same time inform the other party, if the domain name was taken over by the other competitors, can cause what kind of impact to them.

 

[zurc.net]

Im not gonna pretend to be an outbound master, but I never start with price in initial email. I wait till they respond with interest, asking for a price, then go from there.

 

[premkumar]

Its Inbound Lead through Flippa listing not outbound

 

[Axel Ivanovich]

I personally don't think you made any particular mistake in negotiations... Just making an error like the one made while bidding should be avoided. Also sticking to a quoted price would be the best way to go

 

[spooksy]

It happens. Live and learn!

 

[parkerpeter223]

you will learn from your mistakes, every time you will learn a new way for negotiation.

 

[domainsg]

domains prices are very variable.. there is no real way to give the real price of the domain it's not like real estate which every thing has a fixed price so that's the reason why alot of buyers may change their minds.. specially when sellers accept their first offer (in fact in most cases when the first offer is accepted buyers won't get back again) the domain may has a good value for a buyer (maybe xxxx) and maybe it has 0 value for another buyer...these variable prices and valuations make buyers always change their mind and make them doubt if they pay a fair price or not maybe they ask their self if they can get another domain for cheap price?? or even register an available one!..but also the fact that the good domain will sell for sure and the right buyer wont act like this.. they will buy the domain very easily because they believe in it..and that's it if you want to sell your domains without so much efforts with the negotiation skills just wait for the right buyer or enduser.

 

[RevolutionaryDomains]

so what should I reply or I should not reply at all?

Why reply at all? You've already replied, and the buyer said pass. There's your answer.

Jack the price back up to your original amount, or more, and move on with life. If and when the buyer wants the name they know where to find you, IMO.

...gl